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Parsvnath Developers, Pincon Spirit hit lower circuit as trading resumes

Kavit Ind, Signet Industries, Kalpana Ind and SQS India plunged upto 20% in early morning trade

SI Reporter  |  Mumbai 

Parsvnath Developers, Pincon Spirit locked lower circuit as trading resumes

Shares of Parsvnath Developers, Kavit Industries, Pincon Spirit and Signet Industries are locked in their respective lower circuits as trading resumed in these stocks after a gap of one week. Besides these four, Kalpana Industries and SQS India too plunged 20% in early morning trade on the BSE.

The Securities Appellate Tribunal (SAT) on Friday extended interim relief to six more companies, earlier barred from trading by the regulator, Securities and Exchange Board of India (Sebi), for being "suspected shell companies". On Thursday, SAT stayed restrictions imposed by the Sebi on shares of J Kumar Infraprojects and Prakash Industries.

Since Monday, August 7, trading in 331 companies had been halted after they were moved to Stage VI of graded surveillance measures, where trading is allowed only once a month. These entities had moved the appellate tribunal against Sebi for classifying them as "shell companies". They've all given several documents and their statement of filings to argue that they are not shell companies and are in compliance with all regulations.

Prakash Industries tanked 18% to Rs 90.80 on BSE in intra-day trade, extending its Friday’s 20% fall, on back of heavy volumes. The trading volumes on the counter surged more than six-fold with a combined 7.84 million shares changed hands on BSE and NSE till 09:43 am.

J Kumar Infraprojects, too, plunged 20% to Rs 182, after its previous day’s 20% decline on BSE.

SIGNET INDUS. 8.94 11.17 -19.96
PINCON SPIRIT 57.35 71.65 -19.96
KKALPANA INDS. 30.80 37.90 -18.73
J KUMAR INFRA 190.95 226.95 -15.86
PARSVNATH DEVL. 21.15 23.45 -9.81
PRAKASH INDS. 100.90 111.20 -9.26
SQS INDIA BFSI 463.00 501.55 -7.69
KAVIT INDUSTRIES 36.80 38.70 -4.91
Latest price on BSE in Rs at 09:51 am.

First Published: Mon, August 14 2017. 09:54 IST